'First-Generation Music Platform' Bugs Changes Largest Shareholder... NHN Sells to NDT Engineering for 34.7 Billion Won

NHN has sold its music streaming service subsidiary, NHN Bugs, after 11 years as part of its efforts to improve management efficiency.

On January 15, NHN Bugs announced that its largest shareholder, NHN, had signed a share purchase agreement to transfer 6,711,020 shares (45.26%) to four parties, including NDT Engineering Co., Ltd. and Green Harbor & Bugs Investment Association Nos. 1 to 3.

As a result, the largest shareholder of NHN Bugs has changed to NDT Engineering, which now holds a 13.96% stake. The sale is valued at approximately 34.7 billion won.

An NHN representative stated, "After comprehensive consideration of management efficiency through selection and concentration in the content business, as well as the synergy with the group's core businesses, NHN has decided to sell all of its shares in Bugs."